Hi Guys,
Just wanted to find out if anyone here has found a lender that will finance the purchase of an SMSF property through the NRAS. The opportunity makes alot of sense but there seems to be limited lenders who offer firstly SMSF loans and NRAS loans are even more scarce.
If anyone knows of a lender who offers both in the same loan that would be great.
NAB will consider it on a case by case basis + they will push you towards their commercial SMSF…
Liberty will do it at residential rates but they only accept house – no units or apartments ( funding via Adelaide SMSF)
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hi stu
Yes you will be surprised how few lenders do offer SMSF loans and then how many of them are competitively priced.
A combination of SMSF and NRAS makes an interesting mix but yes can be done and i have done a few of them now.
SMSF are like shelling peas when you get to know the legislation and the lenders requirements and quirks you do them all day long.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Today on Property Observer we report ASIC is currently undertaking “limited surveillance” of financial advisers and accountants over concerns that property spruikers are encouraging investors to set up self-managed super funds purely as vehicles for "dodgy" property investments. ASIC says it doesn’t want SMSFs to be the preferred vehicle for dodgy property spruikers.
So this is what I got from the property observer www.propertyobserver.com.au
Aussie K you are bang on and when i see property spruikers selling their wares to uneducated miners (not minors) on exceptionally high salaries but limited experience or understanding it makes you cringe.
Cooper Review a year or so ago made reference to the Govt on just that and whilst i understand the ATO are happy with the level of borrowing at the moment it makes you wonder whether some zealous spruikers will kill it for the rest of us.
That's' why i am always cautious about marketing firms whether they are selling to SMSF or merely mum and dad investors. You have to accept the fact they are not doing it for nothing and you want to make sure the property is worth what you are paying for it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Don mentioned there are a few that will do SMSF NRAS and in fact another lender came on board only this week.
Remember the loan will be based against purchase price or valuation whichever is the lower so ensure that your lender or Broker discloses to you what the actual valuation came in at to ensure that you are not paying over the odds for the property.
This can often be the case with NRAS so be careful.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
We do a bit of conveyancing on NRAS properties
It is interesting that the purchase price often has to be negotiated down after a valuation doesn't stack up. Some are great from the word go, others seem to inflate the NRAS benefit.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Vals are still a big issue in nras. Although I am not seeing very much overpriced nras stockl like there was a while ago. Great if you are not the first in and there are settled sales before you to help out. Although had one this week and that still did not help us with the valuer. It was an Adelaide product through one of the mortgage managers. Review+++equaled digging heals in further. Then on the other hand had a homeside deal come back low recently and we got the change based on some strong comps. Lower LVR though and it was a completed product rather than construction.
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